Visa (#Visa ) has officially announced the activation of transaction settlement using USDC for its banking partners within the United States, allowing banks to settle payments via the stablecoin issued by Circle on the Solana network (#Solana – $SOL ).
A number of banks, including Cross River and Lead Bank, have already begun working with the new system, where USDC is used to improve liquidity management with extended settlement windows available 7 days a week instead of traditional schedules.
Visa confirmed that this program is strategic and not experimental, noting that the volume of USDC settlements has already reached an annual rate of $3.5 billion.
This development comes after Circle received conditional approval from the Office of the Comptroller of the Currency (OCC) to establish a national digital currency bank, enhancing the credibility and legal regulation surrounding the USDC.
